Hustlenomics #17 The Secrets of online Income

Making money online is fucking hard. If you’re really interested in making money online, I want you to listen to me. I’m going to tell you exactly what you need to do. Work. Work some more. Work tonight. Work on the weekend. People think if they don’t make money fast, then something is wrong. What’s wrong is “that” perspective.

You can make money online. You can make a lot of money online. More than likely, before you do, you will lose money first. You will make mistakes. You will drive yourself crazy.

I’ve been making money online since 2000, through various sources like eBay and Amazon and Etsy to a smaller degree. That was when Etsy restricted products that were not handcrafted. They don’t really care anymore.

Making money online isn’t some magical, super fraternity where you know the secret handshake and the code. No, it’s not like that. What you have to do is figure out something you like enough to deal with the bullshit that’s going to come with making money online. I love writing. I fucking hate editing. I now like making YouTube videos. At first, I hated it.

There are so many things you have to go through to be successful. Many people want to be writers and they want to write a book. That’s great. That’s awesome. Writing a book is fucking hard. It is.

This is the thing about writing a book. I’ve written some that went nowhere. You can spend a lot of money. You can put a lot of time and effort in to the book. You can spend a lot of money for a great cover and the shit still won’t sell.

Then you can wake up one morning and write some shit for fun and put it on paper and it sells on Kindle like hotcakes. How the fuck did that happen? It happened to me. The book was in the wrong genre. A book that I worked on for one day became very successful and took off under a pen name. I’ll give you a secret here. Write your book in a genre where there’s a lot of readers already.

I knew a guy who built a business in a weekend. The business got to a point where he was able to quit his job in six weeks after building the business. The backstory is very important. He’s had businesses before. How many times have I said that you need to get started in something. Now, let’s cut to the chase about making money online.

Number 1 – You have to stick with it for at least a year or two. Before we get to that you have to validate your idea and test to see if your concept will make money. I’m not suggesting that you stick with something for a year or more if no one is buying it after a month. If that happens, the marketplace is telling you something is wrong with what you’re doing.

Let’s talk about how much money you can realistically make online as an inexperienced person. Assuming you’ve never been online before, you don’t know what you’re doing and you’ve never built a website; you won’t make a lot. If you are diligent, you might make $10K to $20K minus costs. You might be looking at $5K in profit.

If you are doing eBay or Amazon, you are only marginally better off than someone with no experience online. In fact, the person that is stupid and realizes they are stupid may be 90% ahead of where you are. As an eBay or Amazon reseller, you only know how to work a system. Granted, the systems are difficult.

When you can sell your products and services from your website or some web asset that you control to make a living consistently year after year, then you actually know what you’re doing. If you cannot do that, then no, you don’t know what you’re doing.

One of the reasons I feel I was successful fairly quickly is because I have fucked up quite a bit. I’ve made a lot of mistakes that I learned from. It gets to the point where you’ve made so many mistakes, you can feel the slippery slopes coming under your feet. You instinctively know if you go one inch farther, you’re going over the edge. You can just feel the “fuck up” coming.

Then you ask yourself this question. Is this “fuck up” detrimental? There are many different schools of thought on this. Some people think the path to wealth is not to make any mistakes and to manage risks. Interestingly though, the people that have become fantastically wealthy have taken huge, calculated risks.

The way the world is today, you can build a company that loses money and still make money. In no time in history has it ever been like this. Typically, you have a steep learning curve. Let’s just really talk about that.

If you are going to keep looking for systems, there are many to choose from. Some of them work really well. I am not going to marginalize them. What I will say is many of you are killing certain niches like I’ve never seen before.

About four years ago I made a prediction that Amazon would find a way to reduce authors’ income. This is why. For every author that was writing in 2009 and 2010, there are about 50 more writing now. Some of them are damn fucking good. Some of them are amazing.

You have this pool of talent where the floor is very high. Your cover has to be on point. Your editing has to be on point. Everything has to be on point. There’s a lot of competition. Smart authors should start building their tribe today, even if you don’t have your book finished yet. If you have a concept, that’s enough to start your tribe.

This is where success happens online. It happens in the beginning stages. When things are so bad that you consider going back to a job, that’s when you are tested and where your success comes from. The ability to work hard and endure will guarantee your eventual success.

Even when the shit is going sideways, you still have to believe you will win. There’s not going to be too many people who will be your cheerleader, except for possibly your mother or other family members. You have to be able to be your own cheerleader.

To make money online, the first thing you have to have is a concept. The second thing you have to have is some tenacity. The third thing you have to have is a will to win.

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